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Natixis to sever ties with French retail lenders

Natixis, which is majority-owned by French mutual bank Groupe BPCE, on Sunday disclosed a plan to simplify its structure even as it reported a 40% year-on-year plunge in fourth-quarter net profit, to €181m.

For the three months ended December, the French investment bank posted a 11% fall in overall revenue, to €1.53bn, as its net earnings were hit by an accounting charge relating to its debt.

As part of its restructuring plan, the seven-year-old firm will sell its 20% stake in domestic regional lenders Banques Populaires and Caisses d'Epargne - also owned by Groupe BPCE - back to those banks, for €12.1bn. Paris-based Natixis will make a payment of €2bn, or €0.65 per share, to its shareholders following the transaction.